JACKSON, Mich. & ST. LOUIS PARK, Minn.--(BUSINESS WIRE)--Richmond Brothers, Inc., a Michigan-based SEC registered investment
advisor and wealth management firm that is the largest beneficial owner
of Rockwell Medical, Inc. (NASDAQ: RMTI) (“Rockwell” or the “Company”),
and Mark H. Ravich, who together with their affiliates beneficially own
over 6.1 million shares, or 11.8% of the Company’s outstanding common
stock, today commented on Rockwell’s first quarter results announcement.

David S. Richmond, Chairman of Richmond Brothers, Inc., and Mark H.
Ravich issued the following statement:

“Unfortunately for shareholders, Rockwell failed to provide any
meaningful, substantive updates on yesterday’s earnings call. The sad
story of Rockwell’s underperformance remains the same: little revenue,
continued losses (in this case, $0.09 per share for the first quarter of
2017), more delays, and no meaningful drug sales. Chairman and CEO
Robert Chioini’s optimistic pronouncements and misleading statements
should not fool shareholders. In our view, they are nothing more than
shallow attempts to mask the Company’s inaction, continued lack of
success, and constantly-delayed timelines for key initiatives.

“Disappointingly, when Rob said the following about pursuing
transitional add-on pricing for Triferic, he was merely repeating the
same tired promises that shareholders have seen before: ‘we are working
with all key stakeholders and we feel strongly that our efforts will
result in Triferic receiving this proper designation.’ This line is no
different from what Rockwell has been telling shareholders quarter after
quarter for over the past year.

“We are not sure how Rob can say that Rockwell has ‘done everything
right’ with regard to Triferic’s progress, given that it is now two and
a half years since its approval and the Company has no material sales to
show for it. We suspect that the patients who are still alive and have
not been able to be treated by this drug would also disagree with Rob’s
statement that Rockwell’s actions have been right for dialysis patients.
Furthermore, although Rob implies that we would rather have Rockwell
sell Triferic within the bundled price, we have never said that and in
fact want nothing more than a meaningful update.

“Tellingly, Rob provided even less detail about Rockwell’s promising
Vitamin D drug – only saying ‘Calcitriol manufacture is progressing
nicely.’ The reality is that Calcitriol has failed to launch since its
initial approval in 2014. It is truly mind-boggling how Rob can
characterize that extraordinary delay in a positive manner and, in our
view, indicates how Rockwell’s current Board and management is tone-deaf
to the concerns of shareholders. The Company’s disregard for the
concerns of Rockwell’s true owners is evidenced, in our view, by the
fact that Rob took no shareholder questions on yesterday’s earnings call
and only took questions from one analyst.

“Rockwell’s continued poor performance and lack of success is yet
further evidence that we need change at Rockwell, and we need it now. It
is time for shareholders to tell the Company that they will no longer
accept the failed execution, extensive delays, underperformance, and
disregard for corporate governance that have characterized the Company
for far too long.”

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